Finsbury sales up on Genius gluten-free launch
November 30, 2010
by Eric Schroeder
LONDON — Finsbury Food Group P.L.C., a London-based maker of cake, bread and gluten-free bakery foods, experienced a 4.9% increase in revenue for the 17 weeks ended Oct. 31.
Finsbury attributed the gain to a 12.3% year-over-year increase in sales within the company’s Bread and Free From division. The principal driver of the growth was the introduction of Genius, a fresh gluten-free bread line, the company said.
Also contributing to the overall improvement in sales was growth within the company’s larger Cake division, where sales rose 2.5%. Finsbury said the gain within the Cake division was partially a result of increased promotional investment the company has made.
“Finsbury remains a competitive player in its marketplace with a loyal and diversified customer base,” said John Duffy, chief executive officer. “We will remain adaptive to changes in market and customer demand by utilizing our highly skilled, innovative and flexible production capability.”
Finsbury is the second-largest company in the U.K. cake sector, with fiscal 2010 sales of £168.3 million ($261.2 million). The company makes a range of products under license for large confectionery brands such as Nestle S.A., Weight Watchers and Thorntons. The company also is a provider of premium private label cakes for U.K. supermarkets.